1. Field of the Invention
This invention pertains to employment of telecommunications to facilitate financial transactions.
2. Related Art and Other Considerations
Many consumer-based commercial transactions involve payment using a credit card or bank debit card. In the course of such transactions, a computerized “cash register” terminal or the like is connected by a telecommunications link to a financial institution (e.g., a bank or credit card company which sponsors the card) for the purpose of obtaining an authorization or indication that the consumer's account balance is sufficient to cover the cost of the particular transaction. In the case of a bank debit card, the consumer's account is essentially immediately debited for the amount of the transaction, and the funds ultimately made available to the seller or provider of services. For a credit card, on the other hand, the consumer is subsequently mailed a bill requiring payment for the transaction.
For consumers utilizing written checks, similar services are available for obtaining at least preliminary approval that the check will clear the bank upon which the check is drawn.
The check, credit card, and debit card modes of payment require, of course, that the consumer physically posses the same at the time of the transaction. Checks, credit cards, and debit cards are of no value if left at home or otherwise unavailable at the time of the transaction.
Moreover, there are significant security risks involved with utilization of checks, credit cards, and debit cards. All are prone to being lost or stolen, and subsequently improperly used by third persons. A further risk is that imprints or copies of the cards may enable unauthorized use by a third person.
What is needed, therefore, and an object of the present invention, is a secure and efficient mode of payment for a financial transaction.